Goldman Sachs strategists indicate global equities are poised for further gains in 2026, supported by corporate earnings growth and accommodative Federal Reserve policies, though returns are expected to be more subdued compared to 2025.
In a December 18 report led by strategist Peter Oppenheimer, the team maintained a constructive outlook for equities next year, stating: "We remain positive on 2026 equity markets as earnings growth persists, though index-level returns will likely moderate from 2025 levels amid broadening bull market participation."
The bank's economists anticipate "continued economic expansion across regions alongside further measured monetary policy easing by the Fed."
Regionally market-cap weighted 12-month equity projections suggest dollar-denominated price returns of 13% in 2026, rising to 15% total returns including dividends.
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